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Moody's assigns American Airlines certificates Baa1
Moody's Investors Service said it assigned a Baa1 rating to American Airlines Inc.'s pass-through certificates, series 2021-1 of $591.913 million class A with a legal final maturity date of Jan. 11, 2036.
The proceeds will be used to finance or refinance 21 aircraft consisting of 16 Airbus A321NEOs to be delivered in the first half of 2022 and five Embraer E175LRs that were delivered new to American Airlines in the fourth quarter of 2020.
American Airlines Group Inc.’s B2 corporate family rating, and the related negative rating outlook are unaffected by this rating assignment, the agency said. The group is the parent of American Airlines Inc.
“The Baa1 rating of the class A certificates is seven notches above American's CFR of B2. Moody's believes that the A321NEOs and the E175s will remain core to American's operations over the transaction's life, which supports a high probability of affirmation if American Airlines was to reorganize under Chapter 11 of the U.S. bankruptcy code,” Moody’s said in a press release.
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